Zig's new start (again!) on a budget!

wendz86

Hi!

Your plan sounds like a good one just need to get that spending under control. I am just as bad though, brought lunch to work and still went out and bought jacket potatoe. Just think that 30 quid could have come off your debt, at least the spending diary makes you think.

zigmeister

Ha, now I have permission from the expert of debt-busting I won't feel so guilty!!

Hi Wendz! Even though I'm only on day two of my spending diary I'm so glad I'm doing it because I didn't realise how much I spent yesterday until I wrote it all down, and that obviously happens a lot!

Pamela1705

Hi Zig,

Thanks for commenting on my diary, I've been away for a few days and actually underspent for a change, so feeling v pleased with self.

I don't want to stress you out, but I just thought I'd make an observation. Your spending habits are EXACTLY the way my debt problems came about and I just thought I'd share a few of my thoughts about it.

I think the problem is that the notion of what constitutes being a student has changed SO much over the years, and because money and debt are thrown at students, it makes it very difficult to say no. What happened to me was very very similar, and I think it's not actually the spending that's the problem, but the way I related to money.

I'm originally Irish and when I was 18 (I've just turned 24 now) I went off to England to uni, promising my dad I wouldn't get into debt. But the bank wrote to me and offered me a credit card with a limit of £300, and I thought it would be good to have as a back-up. But then I went into town to buy something sensible like groceries, and ended up with two pairs of earrings and a big bar of chocolate. I never considered myself a big spender, it was only two pounds here, one there, ten in another shop, over a period of months, but it mounts up and because the credit card (and then overdraft) was described to me by the bank as easy money, I didn't see any problem in this. After all, it's *only* one pair of earrings, and I'm allowed a treat every now and then, right?. But this attitude stayed with me until I finished my degree, then when I did my post grad, and even through the first year and a half of my working life.

I paid off that cc, then used it again, then entered into the same old cycle until I had my lightbulb moment at the end of January, when I realised I had a very odd relationship with money and needed to sort it. I've just managed to get it paid off, only a few weeks ago, and have now cancelled it altogether.

I don't want to sound preachy, it's just that I really don't want anyone else falling into the same traps as me!:eek:

zigmeister

Hi Pam :hello:

Thanks for sharing your experiences!

I did consider cancelling my credit card, but because I do the shopping for both of us, it seemed easier to see straight away how much I had spent on groceries, then split it, rather than keeping all the receipts and stuff.

I think I'm getting better with my spending, even though it's early days! I wanted to buy that ea sports active for the wii, but it's £35 and I can't afford it so I said no. Then my OH bought it for me I'm also eating out the cupboard instead of buying stuff for dinner tonight.

So today's spending...

NOTHING! :j

Pamela1705

Hi Zig, :wave:

Fair point about the credit card. We had a similar situation but now I get the cash off the other half before we shop and we pay in cash, saves a lot of faffing about. I think it's different for us because we know roughly how much we're going to be spending.

I was thinking about your situation after I posted before, and I wonder if it is a wider student phenomenon. I was really clued up about money and tried six million different ways to budget, but it still wasn't good enough.

But good on you for not spending anything today, and enjoy the workout on the Wii. The new thing looks totally ace!:laugh:

zigmeister

Hello again!

I think if I had a proper budget, and knew what I was going to be spending on food each week then I could do that (and that's what I probably should be doing!) but at the mo it seems to be working.

I must admit though, that we (as in me and OH) do use it sometimes to pay for something (for example, my sister's birthday present - £150, and gig tickets - £120) but whereas before I would leave it, I now make sure everyone has given me the money they owe me and pay it straight off. I also make sure they pay it directly off the CC instead of giving me the cash which I'd spend.

I'm gradually learning!

I do think it's a bit ridiculous how much money students have access to. It's so easy to end up in a really bad situation. I'm kinda glad that I messed up money-wise before uni, so that now I have access to even more money, I'm being more careful (or, at least trying to!)

Lol I'm a fat git so I'm hoping this wii thing will be my miracle cure :rolleyes: I doubt it tho!!

Dinah93

Yey on the NSD Zig!

zigmeister

I seem to have some minor complications at the moment which I need to sort out. :think:

1. M&S have sent me another credit card even though I cancelled the account ages ago. It's got a £1500 credit limit which would have been lethal to me a couple of months ago!

2. I found a cheque for £5 from Tesco but it's dated 2nd Feb, can I still cash it?

3. I've set up a Tesco Internet Saver using my new address but they need proof of this address. But all my post still goes to my Mum's place so I'm going to have to ring them and sort that out.

4. I spent more than I wanted to at ASDA yesterday, but I thought I had been really good at only buying what I needed. I have now spent my week's shopping money, but only got 2 meals! I'm gonna try my best to not spend on food for the rest of the week.

So yesterdays spending... ASDA: £24.72

Question: I saved (due to offers) £2.58 at ASDA, does this count as part of the make £5 a day challenge?

Some good news, I have three overtime shifts this week. They're nights but it's £7 an hour so I'm pleased. I'm doing midnight - 6am Tues, Wed and Thurs. That will be £115 if I've calculated it right!

Dinah93

Yes you can cash the cheque - I doubt Tesco have run out of money!!!

Try to live out of your cupboards for the rest of the week, will encourage you to plan your meals better next week.

Personally I don't count savings, only extra income because I can count that and put it towards the debt.However some people count savings, its up to you to decide what you do. Maybe count them only if you transfer the money saved onto the CC to pay it off?!

zigmeister

Thanks Dinah

That's good about the cheque, I though they might have a date you have to cash them by or something.

Hmm, I think I'm not gonna count the savings. But I've decided I will write in my overtime, even though it obviously hasn't been paid yet. Partly because my current total is 0! And include my whopping 45p from the scratchcards!